AMERICAN EMBASSY
No. 318
The Hague, November 28, 1952.
Excellency:
I have the honor to refer to the conversations which have recently taken place between representatives of our two Governments relating to the Economic Cooperation Agreement between the Government of the United States of America and the Government of the Kingdom of the Netherlands, signed at The Hague on July 2, 1948, and to the enactment into law of Public Law 400, of the Eighty-Second Congress, amending the Economic Cooperation Act of 1948 and the Mutual Security Act of 1951. I also have the honor to confirm the understandings reached as a result of these conversations as follows:

1.
Whenever reference is made in the said Economic Cooperation Agreement, as amended, to the Mutual Security Act of 1951, or to the Economic Cooperation Act of 1948, such reference shall be construed as meaning such Agreement or Acts as heretofore amended.

2.
The phrase, “five percent of each deposit”, appearing in Article IV, Paragraph 4, of the said Economic Cooperation Agreement shall be changed to “ten percent of each deposit”. The application of this provision shall be in accordance with the provision set forth in the letter dated July 9, 1952, from the MSA Mission, The Hague, to the Royal Netherlands Government's Commissioner for the Economic and Military Aid Program.
If Your Excellency concurs in these understandings my present note together with Your Excellency's affirmative reply thereto shall serve to formalize these understandings and constitute an agreement between our two Governments on this subject.
Accept, Excellency, the renewed assurances of my highest consideration.
(Sd.) SELDEN CHAPIN
His Excellency
Mr. J. W. Beyen,
Royal Netherlands Minister of Foreign Affairs,
The Hague.

MINISTRY OF FOREIGN AFFAIRS
No. 123158
The Hague, 28 November 1952
Excellency,
I have the honour to acknowledge receipt of Your Excellency's note, No. 318, of November 28th 1952, reading as follows:
[Red: (zoals in No. III)]
The understandings set forth above are acceptable to Her Majesty's Government and I therefore have the honour to state that Your Excellency's note and the present reply constitute an agreement between our two Governments on this subject.
I avail myself of this opportunity to renew to Your Excellency the assurance of my highest consideration.
The Minister of Foreign Affairs,
(Sd.) J. W. BEYEN
His Excellency Selden Chapin Esq.,
Ambassador extraordinary and
plenipotentiary of the
United States of America.